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Insights On Maximising The Value Of Big Data With Business Intelligence

It’s been a big year for Big Data, with continued advances of interconnected technologies creating immensely large datasets. The challenge that comes with uncovering insights and developing strategies from such a colossal variety of data sources has led to the development of faster and smarter Business Intelligence tools that have changed the way businesses work, interact, collaborate and secure information.

“The new benefits that Big Data Analytics brings to the table are speed and efficiency. A few years ago, a business would have gathered information, run analytics and unearthed information that could be used for future decisions. Today, that business can identify insights for immediate decisions. The ability to work faster – and stay agile – gives organisations a competitive edge they didn’t have before.” – SAS.

Big Data is a corporate asset that’s most valuable when delivered with speed and accuracy, and measured for competitive advantage with the best tools in the market. To increase the opportunities it can bring, an organisation must ensure that there are no shortcomings in the tools used to make sense of information that could magnify their competitive advantage.

“To truly maximise the value from Big Data, your data must reflect the real state of affairs at any given moment in time. Any insights generated by AI apps must be able to adapt rapidly to fluctuations in the dynamic business ecosystem — otherwise, you’re wasting the valuable time of your data scientists and senior leadership.” – Phani Nagarjuna: Founder & CEO of Nuevora Analytics.

 

BI TOOLS IN THE MARKET

A critical driver for making better decisions lies in how data is analysed and how to make sense of the information it uncovers. We’ve compiled an illustrative set of BI tools available in the market for your business to harness the most value from your data in the coming year.

 

Tableau

“Tableau helps people transform data into actionable insights. Explore with limitless visual analytics. Build dashboards and perform ad hoc analyses in just a few clicks. Share your work with anyone and make an impact on your business. From global enterprises to early-stage startups and small businesses, people everywhere use Tableau to see and understand their data.” – Tableau.

 

Qlik

“Search and explore vast amounts of data – all your data. With Qlik, you’re not constrained by preconceived notions of how data should be related, but can finally understand how it truly is related. Analyse, reveal, collaborate and act. Qlik lets you turn data into insights across all aspects of your business.” – Qlik.

 

Microsoft Power BI

“Power BI is a suite of business analytics tools to analyse data and share insights. Power BI dashboards provide a 360-degree view for business users with their most important metrics in one place, updated in real time, and available on all of their devices. With one click, users can explore the data behind their dashboard using intuitive tools that make finding answers easy.” – Microsoft Power BI.

 

Yellowfin BI

“Yellowfin offers the only analytics platform that combines machine learning, visualisation, collaboration and storytelling to provide customers with the quickest time to value.” – Yellowfin.

 

SAS Visual Analytics

“With SAS® Visual Analytics, now everyone can discover, share and collaborate on insights. Visualise data in new ways with features in our new release – including third party customisable graphs, a refined user experience to improve productivity, self-service data preparation, and the power of location analytics to visualise data in new contexts and bring the ‘where’ dimension to the forefront. These enhancements will highlight and provide understanding for key relationships, outliers, clusters and more, revealing vital insights that inspire action.” – Andrei M: CTO at Data Science Central.

 

Sisense

“Sisense’s BI software makes it easy to instantly reveal business insights from complex data – any data source, any size.” – Sisense.

 

Gartner Magic Quadrant For BI & Analytics 2017

There are a lot of players in the BI market, and Gartner Magic Quadrant 2017 highlights which tools are the top performers.

 

BI PREDICTIONS FOR THE COMING YEAR

“We asked users, consultants and software vendors of BI and data management technology to rate their personal view of the importance of twenty trending topics that we presented to them. Data quality/master data management, data discovery/visualisation and self-service BI are the three topics BI practitioners identify as the most important trends in their work.” – BARC’s BI Trend Monitor 2018.

Here in Australia, Contexti’s own experiences, and those reported by our partners, align to these top three trending topics. Whilst visualisation and self-service BI are well recognised, the strength of the current trend toward Data Governance (data quality, MDM, security) has strongly spiked.

 

Data Quality & Master Data Management (MDM)

Master data management is achieved by standardising, matching and consolidating common data elements across Big Data sources such as customer, supplier or product data from disparate applications or silos into a single master view of an organisation’s data.

Data quality plays a big part in this, as post-validation is essential for master data. This includes conducting a baseline assessment to identify any potential data quality issues that must be addressed.

For an organisation to be successful with MDM, a clear strategy must be put in place, including KPIs, data management process, and documentation of data domains.

 

Data Discovery & Visualisation

Data discovery is about mining through the data your business has collected from its many sources by visually navigating through it to detect patterns and outliers. Data visualisation is critical because it facilitates a better understanding among key decision makers in an organisation of what the information represents.

Data discovery tools such as Microsoft Power BI, Qlik Sense and many more have enabled businesses to overcome many business problems through fast access to advanced functions, algorithms and interactive dashboards.

 

Self-Service BI

Self-service BI allows business users to access and work with corporate data even though they do not have a background in data mining or statistical analysis, giving them ability to carry out BI tasks without involving the IT department.

“Functional workers can make faster, better decisions because they no longer have to wait during long reporting backlogs. At the same time, technical teams will be freed from the burden of satisfying end user report requests, so they can focus their efforts on more strategic IT initiatives.” – Information Builders.

 

 

To discuss Business Intelligence and other topics, please contact the team at Contexti – +61 8294 2161 | connect@contexti.com

 

For more resources, please see below:

Self-Service BI

Big Data Analytics – What It Is & Why It Matters

What’s Big In Big Data: Predictions For 2018

Data Governance, Data Quality & Master Data Management

Data Visualisation Vs. Data Discovery: What’s The Difference?

Key Challenges For Monetising Big Data Powered AI – Analytic Continuity

The Incredible Ways Heineken Uses Big Data, The Internet Of Things and Artificial Intelligence (AI)

Six Reasons Why Data Visualisation Is The Future Of Storytelling

“A picture is worth a thousand words – especially when you are trying to find relationships and understand your data.” – SAS.

Gone are the days when businesses struggled to extract meaning from mass volumes of raw data and make insights come to light. Now, with the increasing number of data visualisation tools in the market, businesses are making faster and smarter decisions by engaging with data that’s easy to access and easy to understand.

Here’s 5 reasons why data visualisation is the future of storytelling.

 

#1- SIMPLICITY IS POWER

“Well designed data graphics are usually the simplest and at the same time, the most powerful.” – Centerline Digital.

Let’s say you’ve been given a short time frame to analyse thousands, or even millions of rows of numerical data, and make decisions based on the insights you’ve generated. How are you going to make it happen? Businesses have responded to this challenge by transforming data into visual content.

“Data visualisation turns numbers and letters into aesthetically pleasing visuals, making it easy to recognise patterns and find exceptions.” – Norman Shamas: Former Director of Curriculum at TechChange.

 

#2- CAPTURING ATTENTION

“The huge amounts of content available on the internet has significant implications for the modern day consumers’ attention span.” – Rob Weatherhead: The Guardian.

Speed, convenience and instant gratification enabled by technology are must-haves for today’s consumers. While trying to keep up with what’s in-demand, businesses have discovered the impact of visualising content in retaining engagement.

“Data visualisation excels in capturing a viewer’s attention and holding it through storytelling. It addresses a complex problem that could be easily looked over, and simplifies it using design.” – Elsa Wong: Author at Bridgeable.

 

#3 – SPEED & PRODUCTIVITY

“The faster a company can generate information from their sources, the faster they can generate their answers.” – Jessica Folliett: Author at Dataversy.

As the old saying goes, time is money. Many businesses struggle with the dilemma of whether or not to invest in Big Data due to the time and cost involved in generating insights. However, recent reports from Prysm Inc. show that data visualisation has significantly improved the decision making process when it comes to investing in data analytics.

“80 percent of organisations report more accurate decision making when using data visualisation tools. Further, 86 percent of companies report faster decision making through data visualisation, while 81 percent noted that the tools improved customer behavior insights.” – Prysm Inc.

 

#4 – UNDERSTANDING WHAT’S IMPORTANT

“The best data visualisations are ones that expose something new about the underlying patterns and relationships contained within the data. Understanding those relationships — and being able to observe them — is key to good decision making.” – Julie Steele: Author at O’Reilly.

Across many industries, data visualisation is being used to uncover hidden patterns and predict future trends and behaviors, helping businesses prepare for what’s to come.

“The primary objective of visual design is to present content to your readers in a manner that highlights what’s important, arranges it for clarity and leads them through it in a sequence that tells the story best.” – Stephen Few: Show Me The Numbers.

 

#5 – BREAKING THROUGH THE NOISE

“As we progress further into being an information society, data visualisation is becoming increasingly valuable.” – Elsa Wong: Author at Bridgeable.

In a world saturated with ever-increasing data and information, it’s now more important than ever for organisations to recognise what’s relevant and what isn’t. By combining data with creative visuals, businesses are able to find those golden nuggets of information amidst all the clutter.

“The beauty of data visualisation is that you can communicate far more information in a more digestible package than you can with text alone. While that doesn’t mean you have to use every piece of data at your disposal, you can tell a rich story in a single visualisation.” – Katy French: Author at Business 2 Community.

 

#6 – PERSUADING ACTION

“We’ve seen rapid growth in visualising as much data as possible to tell stories and present business results.” – Thomas Powell: CEO of ZingChart.

When done right, data visualisation tools can help you create engaging presentations that hold persuasive power with investors, managers and executives alike. Not only is visual data more engaging, it also helps you tell the strongest story and encourage a call-to-action.

“Unique and truly compelling visualisations are an underused, yet devastatingly effective tactic. They are equal parts rare and in demand.They are a catalyst for conversation, awareness, and action.” – Adam Singer: Author at ClickZ.

 

For more resources, please see below:

Storytelling With Data

Why Data Visualisation Matters

Why Data Visualisation Is Important

The Importance of Data Visualisation

Data Visualisation: What It Is And Why It Matters

Big Data Dilemma: Save Money Vs. Make Money

The Importance Of Big Data And Data Visualisation

How Time-To-Insight Is Driving Big Data Business Investment

7 Data-Storytelling Tips From Centuries-Old Data Visualisation

Data Visualisation: Your Secret Weapon In Storytelling and Persuasion

Say It Quick, Say It Well – The Attention Span Of A Modern Internet Consumer

Data Visualisation Holds The Key To More Efficient Decision-Making, New Report Reveals

The Increasing Importance of Data Visualisation: An Interview With ZingChart’s Thomas Powell

Hottest Trends Driving Big Data In 2017

How businesses are using data is evolving, and the rise of new technology is changing data-driven projects for the better.

Here’s some of the hottest trends we’ve observed this year.

 

#1 – THE RISE OF CLOUD

“Enterprise IT had been rapidly changing, and the Cloud is playing an ever-larger factor. Cloud technologies offer unprecedented resource and flexibility for Big Data & Data Science.” – Zmags.

With the growing popularity of cloud computing, there’s been a lot of debate about the pros and cons of moving data from on-premise to cloud environments.

“Contrary to popular belief, on-premise systems were shown to be more expensive to operate annually than their cloud-based counterparts, with the overall cost 60% higher on an annual basis – even after the first year!” – Andrew Heriot: Head of Services EMEA at Maximizer Software.

With many businesses moving to cloud solutions as a way of cutting down costs, other key reasons why they’re deciding to make the switch are simplicity, flexibility, accessibility and experimentation.

“The cloud enables new kinds of possibilities, including inexpensive experimentation that allows businesses to configure ‘best fit’ solutions that satisfy their needs.” – Vasant Dhar: Professor at the Stern School of Business & the Centre for Data Science at New York University.

 

#2 – CYBER SECURITY

“The world will create 180 zettabytes of data (or 180 trillion gigabytes) in 2025, up from less than 10 zettabytes in 2015, according to IDC.” – Forbes.

With worldwide data reaching unprecedented levels, cyber attacks have also become more prevalent. As a result, cyber security through Big Data Analytics has become a major area of investment, and businesses who treat it as an afterthought rather than a major area of concern are leaving themselves vulnerable.

“An ASX survey of the cyber risk facing Australia’s top 100 publicly listed companies found that nearly two-thirds of Australian companies see cyber breaches as an “IT issue” rather than a major business risk, and only 45 per cent of ASX 100 companies are confident in their organisation’s ability to detect and manage a cyber hacking event.” – Alice Uribe: Australian Financial Review.

 

#3 – DATA AGILITY

“It’s not about how much data you can store and process. It’s about data agility. How fast can you extract value from your mountains of data and how quickly can you translate that information into action?” – tdwi.org

Businesses have shifted their focus from capturing and managing data to actively using it for business impact. To achieve this, new tools to discover and explore data are being developed for greater flexibility and speed. A great example of this would be Cloudera Altus, which our partner released earlier this year, taking the deployment of data platforms and data pipelines in the cloud to the next level.

“Our customers wanted to understand how to leverage the agility, scale, and ease-of-use offered by the cloud to efficiently and cost-effectively gain insights from their ever-growing business data.” Jennifer Wu: Director of Product Management at Cloudera.

 

#4 – DATA VISUALISATION

“Having the data is not enough, I have to show it in ways people both enjoy and understand.” – Hans Rosling (1948-2017): Professor of International Health at Karolinska Institutet & Co-Founder of the Gapminder Foundation.

With technology advancing at a rapid pace, data visualisation is constantly evolving. A recent Business2community survey of data professionals found that the data science skill with the highest correlation to project success was data mining and visualisation tools such as Tableau and JavaScript.

“Data visualisation is the best way of engaging decision makers with a visual narrative that leads them to the insight. It also shows the quality of the data, where data is missing, and whether it’s valid with a quick, preliminary visualisation.” – Alex Lane: International Events Coordinator at Innovation Enterprise.

 

#5 – FROM IOT TO IOE

Forget the Internet of Things (IoT). The Internet of Everything (IoE) is re-inventing how we do business by bringing together people, process, data and things to create new capabilities, experiences and opportunities for businesses by connecting them to more valuable networks.

“The Internet of Everything builds on the foundation of the Internet of Things by adding network intelligence that allows convergence, orchestration and visibility across previously disparate systems.” – Cisco.

With digital technology constantly improving products and services, customer expectations are raised and businesses must rise up to meet the challenge. Now that digital is embedded in everything we do, IoT is not enough.

“The Internet of Everything will re-invent industries at three levels: business process, business model, and business moment.” – Hung Le Hong: Research Vice President and Gartner Fellow.

 

#6 – THE STARTUP BOOM

“Big Data has become a crucial growth enabler by empowering companies with deep insights on the internal business processes along with the competitors and market. This exponential demand for data has led to the mushrooming of startups focusing on acquiring, analysing and building innovative products on top of Big Data.”- Jacob Koshy: Content & Social Media Marketer at PromptCloud.

Big Data can achieve big outcomes, but is useless without the skills to analyse it. Recognising the challenge, several startups have emerged with their own solutions to making sense of this data and turning it into actionable insights for businesses.

“When a new startup comes up with technological advancement in Big Data and machine learning, none of the big guys want their competitors getting hold of it. This along with the advantage of having the best tools to handle data makes acquiring such startups a lucrative thing to do for the bigger companies.” – PromptCloud.

Companies like Apple, Microsoft and SAP are acquiring small start-ups for competitive advantage when entering into new markets, creating new business models, and making their enterprises more customer-centric.

 

For more resources, please read the following links:

 

Big Data Trends

Top 10 Big Data Trends 2017

5 Trends Driving Big Data in 2017

Big Data Trends To Watch Out for In 2017

15 Data and Analytics Trends That Will Dominate 2017

6 Predictions For The $203 Billion Big Data Analytics Market

 

Cloud

Five Ways to Move Your Big Data Projects Into the Cloud

The Cloud or Not to Cloud: Where Does Your Data Warehouse Belong?

Industry Experts Discuss Advantages & Risks of Shifting Data Analytics to The Cloud

 

Data Agility

Ready, Set, Go – How Fast Is Your Data?

Why Data Agility is a Key Driver of Big Data Technology Development

 

Cyber Security

How Big Data is Improving Cyber Security

Commonwealth Bank of Australia Years Ahead of Rivals on Cyber Security

 

The Internet of Everything

Internet of Everything FAQ

The Internet of Everything (IoE)

 

Big Data Startups

Why Large Enterprises are Acquiring Big Data Startups

Big Data at Work: Key Lessons from Startups and Large Firms